Is Location Still a Deciding Factor When Buying Property?
Buying property is a massive long-term commitment, and with a multitude of things to think about, it’s important to take everything into consideration to ensure you’re getting the best property for your money.
Here, we take a look at common factors that influence the homebuyer decision and whether location is still a deciding factor when looking for your new home.
Buying Your First Home: Top Considerations
When looking to buy any property, there are several key factors that homebuyers should keep in mind to ensure they are getting the most out of their money.
The most obvious factor affecting your decision is personal budget, particularly for first-time buyers who have recently left the rental market. Naturally, this will come before deciding the on the best place to buy property, as affordability will determine which areas you can consider and the type of property you can afford. Property prices can? vary significantly from one town to the next, whilst new builds, off-plan developments and period properties can all impact affordability, so it’s important to decide this from the offset and tailor your search accordingly.
Practicality and durability are also key considerations for any homebuyer. Whilst space and storage are important, these can be changed, however, the age, quality and condition of a potential property determines future maintenance and upkeep costs which can be a big sticking point for homebuyers, so it’s important to consider this before committing.
It is recommended to take note of your own preferences and requirements when buying property so that you can compare your options and choose a home that’ll serve you well for years to come. But whilst there is the opportunity to change these elements, the property itself is just half of the story.
Location, Location, Location
You’ll hear the mantra “Location, Location, Location” repeated a lot by estate agents, and there’s a good reason for it. Location is one of the few things you cannot change when you buy a property, but this arguably has the biggest influence on your quality of life, job opportunities, ease of travel as well as property value – something all homebuyers should think about in the long-term.
In some cases, the preferred location may be determined by the type of property you’re searching for. Those looking for apartments may opt to be closer to the city centre, whereas those seeking family homes tend to seek property on the outskirts of the city to get more space for the price.
According to a survey by Foxtons, 85% of respondents cited property location as the most important factor in their decision-making process.
But what makes a great location?
This will largely depend on your personal requirements and preferences, but there are several location-based factors which directly impact lifestyle, but will also affect the value of your property moving forward:
Local Amenities – Naturally, having great access to local supermarkets, GPs, pharmacies and useful retail shops brings convenience, which is always a great selling point in the homebuyer market. In the 2021 annual Housing Futures report, 76% of the 2,000 respondents cited that having such amenities within walking distance of their home was crucial when deciding on the best place to buy property.
Leisure activities – Proximity to social and leisure activities, such as bars, restaurants and local attractions is a big draw for buyers who want a great lifestyle without having to travel.
Good transport links – Transportation links are a big one. Whether it’s road links, bus routes or train connections, having fast and accessible transport available to you is a key factor in making a particular location viable to prospective homeowners, with easy commutes to work being strong selling point for the professional homebuyer. In fact, living within an easy reach of transport hubs was important for 64% of those surveyed.
Green space – Studies show that having easy access to green space improves our mental health, and this was reinforced during the pandemic, which saw 57% of homebuyers place greater emphasis on living near green spaces when looking for their perfect home in a survey by Savills.
It’s these locational factors which have contributed to the rise in demand for inner-city apartments in both the rental and homebuyer markets due to the convenience of city centre living.
Deciding the Best Place to Buy Property
So, whilst there are many factors influencing homebuyer decisions, the top three should be: location, location, location. The area in which your property is situated remains one of the few things you can change, meaning it is vital to get to know your chosen area and what benefits it provides you as a resident before you complete on the sale.
When deciding on where to buy property, it’s also worth checking out ‘up and coming’ areas – such as those undergoing significant urban regeneration projects. Regeneration schemes, such as those currently transforming commuter towns such as Bracknell and Slough, improve the area and its infrastructure to the benefits of local residents and prospective homebuyers. Property tends to be more affordable in these towns, but historically urban regeneration projects help increase prices over time so these areas provide some great value to potential homebuyers.
Area guides are a great way for prospective buyers or those looking to relocate to new areas to get a good feel for what life would be like, so we’ve compiled a comprehensive summary of what Birmingham, Slough and Bracknell have to offer in order to make the homebuyer decision easier.
SevenCapital Property for Sale
SevenCapital has high specification apartments for sale in some of the best places to buy property in the UK. All of our property developments have great access to local amenities with many including resident only facilities.
The popularity of having additional amenities is evident at SevenCapital’s flagship property development, St. Martin’s Place. This city centre property development was the first apartments for sale in Birmingham to offer hotel-style residential services such as access to the Park Regis urban spa, food and drink, and high standard dry-cleaning. Over 95% of apartments were sold during the build, with just one three-bedroom apartment remaining today, highlighting the desire for a city centre location as well as residential amenities. Read more in our St. Martin’s Place case study, here.
Similarly, our Bracknell-based off-plan development, The Grand Exchange, will offer a new standard of living for the now-thriving commuter town. With access to resident-only gym facilities, a tranquil garden room, event space with the option of private catering, bookable spa treatment rooms and a professional co-working hub; The Grand Exchange caters to a multitude of homebuyer wants and needs. Find out more and register your interest here.
You can find out more about all SevenCapital developments, here.